Case study: NetSuite eases transition after IPO for life sciences
A case study of a company that upgraded to an enterprise resource planning (ERP) system after an IPO, improving controls and compliance.
A clinical-stage biopharmaceutical company in the immune-oncology space with 50–100 employees.
The situation
The company had just completed an IPO in the life sciences field and needed to move from QuickBooks and manual spreadsheets to a robust enterprise resource planning (ERP) system for stronger controls and functionality. Additionally, they had a purchase order (PO) system that wasn’t compliant with the Sarbanes-Oxley Act (SOX) and needed to be replaced immediately.
The solution and results
Advisors scoped the client’s business process needs and recommended NetSuite as their new ERP system. For the initial ERP systems rollout we implemented, our SOX professionals provided guidance on key controls to include.
Finally, we installed NetSuite leading practice for biotech clients, with additional configurations to meet key control and reporting requirements.
As a result, the client improved process automation around:
- Journal approval workflow
- Month-end close and reporting process
- Procurement approval workflow and supplier collaboration
- Electronic banking for automated reconciliation and ACH payments